Austin could be the next U.S city to welcome Bitcoin and blockchain technology

Austin, the authorities superior of Texas, is actively exploring ways to judge Bitcoin and blockchain technology. Last week, Austin City Council Member Mackenzie Kelly enactment guardant a solution to analyse however the metropolis could utilize the technology.

The solution was introduced alongside Austin Mayor Steve Adler during a property league successful which Council Member Kelly spoke of ways the metropolis could payment from adopting the technology. This included fiscal benefits and the proviso of metropolis services, specified arsenic paying spot taxes and metropolis idiosyncratic wages.

The solution is acceptable for a ballot connected March 24 and has the backing of Mayor Adler.

What was successful the resolution?

The Austin resolution is portion of a thrust to make and integrate caller technologies to amended section authorities services.

It acknowledges that blockchain exertion is chiefly associated with cryptocurrency. But, it besides seeks to research different imaginable usage cases successful providing nationalist assemblage services. To that end, the City Manager is tasked with examining however Austin could usage blockchain and associated technologies.

“The City Manager is directed to guarantee the City is helping to make anenvironment wrong metropolis authorities and successful the assemblage mostly that supportsthe instauration and improvement of caller technologies, including without limitationblockchain and different Web3 related technologies, protocols, and applications.”

The solution specified imaginable applications specified arsenic information records, notarization, crypto, arts and music, proviso chain, fundraising, insurance, plus titles, etc.

Part of the investigation involves assessing imaginable risks, including biology impacts, and processing strategies to mitigate those risks.

Municipal Bitcoin adoption gathering pace

Although Council Member Kelly is enthusiastic astir the imaginable adoption of blockchain technology, she besides has concerns astir volatility and chaotic terms swings, which hampers the feasibility of adopting cryptocurrency arsenic a outgo mechanism.

In addition, she besides expressed uncertainty implicit however city-wide adoption mightiness enactment alongside the existing city, state, and national laws. However, the solution volition analyse each facets of implementation, including valuation against existing statutes.

The conception of countries, states, and cities adopting cryptocurrency and blockchain exertion is gaining momentum.

Last month, governmental advisor Ian Calderon and influencer Dennis Porter announced plans to legislate Bitcoin arsenic ineligible tender successful the authorities of California. The Voter Voice page acceptable up successful enactment of this said Bitcoin arsenic ineligible tender is needed to support citizens from inflation.

The Austin solution focuses connected usage cases extracurricular of the fiscal facet of blockchain technology. Council Member Kelly said she hopes Austin’s exemplary could beryllium utilized arsenic a ground for replication elsewhere.